Affordable Entrepreneurship: Is Your Restaurant Franchisor Helping you Meet your Business and Financial Goals?
When considering a franchise, it is important to take the long view and assess how the franchisor will support your growth from a single to a multi-unit operator. This means looking beyond upfront costs to determine how committed the franchisor is to your long-term success.
Craig De Pratto, Chief Financial Officer at the fast-growing health and wellness brand Freshii, recommends asking potential franchisors some direct questions to determine if your business objectives are aligned.
“When assessing a franchise, ask what kind of infrastructure is in place to support the Franchise Partners. Ask about in-field coaching, training, marketing and technology support, and what tools are in place to help measure the performance of your business,” says De Pratto.
“At the end of the day, your job as a potential Franchise Partner is to invest in a brand that will make the necessary changes over time to stay relevant in a competitive marketplace,” Freshii Founder & CEO Matthew Corrin tells potential Franchise Partners.
“Don’t invest in a Freshii Restaurant for who we are today, invest if you have the confidence that we, as a brand, will do the right things to stay relevant in 10, 20, and 30 years from now,” says Corrin. “This is central in making the right decision on which brand is right for you.”
Jason Lim was initially attracted to Freshii because of the growth potential he saw for a healthy, fast-casual restaurant in the booming health and wellness sector. What convinced him to become an owner was how Freshii worked with each franchisee to help them reach their financial goals.
Lim started as an hourly employee at one of the original Freshii locations with aspirations of owning his own restaurant. Through participation in Freshii’s unique ‘H2O’ Hourly-to-Owner program Lim was able to buy an equity stake in a Freshii restaurant. With the proceeds from this initial investment Lim was able to purchase his own Freshii. And through offering H2O equity to his own employees, Jason has been able to scale and is now owner of three Freshii locations.
With favourable terms negotiated between Freshii and select lenders, Lim was able to use operating cash from his existing restaurants to secure the financing needed to open an additional two Freshii locations. Now a successful multi-unit operator, Lim praises Freshii’s approach to affordable entrepreneurship, “Freshii supported my vision of owning five stores and partnered with me to make it happen. I wasn’t alone – I had a team at headquarters guiding and cheering for me every step of the way.”
“At Freshii we practice ‘Affordable Entrepreneurship,’ says De Pratto. “We offer our Franchise system a low to moderate initial investment compared to our competitors, which allows for more flexibility around the financing programs available to our partners. This means being able to reach your multi-unit goals faster, and we support with an infrastructure to get you there. We’re committed to having our Franchise Partners achieve their personal, financial, and business goals and that's why we believe we are doing franchising differently,” says De Pratto.
Ask the right questions. Be sure the franchisor is committed to your long-term growth and success. Be sure you’re entering into a true partnership. Learn how Freshii is dedicated to Franchise Partner success at https://freshii.com/ca/franchising.